Soon after the Deepwater Horizon tragedy began in the Gulf of Mexico, President Obama imposed a moratorium on all off-shore drilling for oil and natural gas in the Gulf of Mexico.
The moratorium was lifted, finally, after a federal judge twice ruled the administration’s approach was illegal, but not soon enough to prevent thousands of jobs from being lost around the Gulf coast, and not just in the energy industry.
Despite the lost jobs and economic growth from the moratorium, the Obama administration policy transformed into a permitorium following the litigation in federal courts. For months now, federal bureaucrats in the Department of Interior and elsewhere in Washington have slow-walked drilling permit applications in every conceivable manner.
Those continuing delays contribute directly to spiralling gas prices because wells in the Gulf of Mexico account for about a third of the oil produced in this country.
Among the most prominent victims of the Obama energy policy is Seahawk Drilling, which was forced into receivorship following imposition of the moratorium and the loss of shallow-water drilling that was the heart of the firm’s business model.
Seahawk CEO Randall Stilley talks about his company’s agonies in this video jointly produced by the Institute for Energy Research and The Heritage Foundation: